That's Greece's finance minister. He also said he would rather cut off his arm than sign another agreement that doesn't include a reorganization of Greece's debt. We're wondering if he means this arm. (Video via Skripta TV)

The referendum he's talking about will let Greek voters decide whether or not to accept a deal from creditors on Greece's bailout.

But the proposal in question isn't even on the table anymore after a bailout package expired at midnight Tuesday. The New York Times writes, "Confused? Welcome to Greece."

And no matter what Greek voters choose, there isn't a clear outcome. If Greeks choose yes, it will probably lead to new negotiations to find a different deal. (Video via BBC)

And Greece's Prime Minister, Alexis Tsipras, has said he also wouldn't stay in office. That means a "yes" vote could lead to elections.

If Greeks choose no, it will still probably lead to new negotiations to find a different deal. But a "no" vote also increases the risk of Greece leaving the eurozone.

That's why the stakes are so high for this referendum. But many observers say either way the referendum goes, a "Grexit" could still be on the table.

And eurozone finance ministers are waiting for the referendum for further bailout talks. Greeks will cast their votes July 5.